UBM pre-tax profit slides 31.3 per cent as restructuring continues to take toll

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B2B publisher UBM suffered a 31.3 per cent fall in its pre-tax profit for the first half of 2012.

The publisher made a profit of £40.8m before tax in the six months to June, according to a statement to the stock market, down from £59.4 million last year.

Some of the worsening performance can be attributed to £6.7m in “exceptional costs”, including £5.4m on restructuring if its UBM Tech business.

The group brought in £391.1m in revenue from continuing operations, 1.5 per cent down from last year’s figure of £397.2m.

UBM chief executive David Levin said that a “tough first quarter” was partly offset by improving results in the second quarter, largely on the back of increased revenue from the group’s China-based events.

“With continued strong forward booking trends for our H2 Emerging Markets events we feel confident about the second half,” said Levin.

He added: “We're already seeing improved profitability, albeit on lower revenues. We expect this restructuring programme to be substantially complete by the end of the year.”
Restructuring at the company include the sale of its data services business, Delta, in February 2013.
In June, UBM launched a strategic review involving some of its most famous titles, with the option of a sale still thought to be on the table.
The review involves Property Week, Building Design and Travel Trade Gazette. 

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